An Arrangement to Establish Strategic Cooperation on Joint Investment in Venture Capital Funds between Taiwan and New Zealand was signed at 10:30 on Mar. 5 at the Council for Economic Planning and Development (CEPD) in Taipei, opening up a new realm of cooperation between the two countries. The agreement was signed, on behalf of their respective governments, by Representative Elliott Y.L. Chang of the Taipei Economic and Cultural Office in New Zealand and Director Stephen Payton of the New Zealand Commerce and Industry Office. The signing ceremony was witnessed by Shien Quey Kao, Secretary General of the CEPD; Chiu Yi-cheh, Director General of the Department of Investment Service; and representatives from the Bureau of Foreign Trade, Office of Trade Negotiations, and National Development Fund. Director General Chiu presented a talk on behalf of the Ministry of Economic Affairs (MOEA), expressing the hope that the new agreement would help bring about the early realization of investment projects and promote two-way investment between Taiwan and New Zealand. The MOEA, he said, would do everything possible to assist New Zealand companies with their investment projects in Taiwan. Franceska Banga, Chief Executive of the New Zealand Venture Investment Fund (NZVIF), which is the executive agency for the agreement on the New Zealand side, extended his respects to the ceremony's participants by telephone.

The NZIF is a 100% government-owned fund of funds that was set up to invigorate New Zealand's venture capital market. The Fund handles two kinds of government projects, venture capital and seed co-investment, and currently operates with a scale of NZ$200 million (equal to NT$4.9 billion). Its investment is targeted at high-tech and innovation companies.

Because of the highly complementary nature of the Taiwanese and New Zealand industrial structures, both sides feel that the establishment of a Taiwan and New Zealand Venture Capital Fund will have multiple benefits, including the generation of joint investment and follow-up investment, and the simplification of market entry for products. Taiwan has been developing its venture capital market, with considerable success, for the past 30 years, and New Zealand's venture capital industry has close connections with the advanced venture capital markets of America and the European Union. The strategic cooperation mechanism provided by the joint venture capital fund, and the resulting linkage of invested enterprises, is expected to give a strong boost to bilateral economic cooperation and investment and create huge opportunities for investment and growth by enterprises in the two countries.

The executive agencies for the joint investment fund-the National Development Fund for Taiwan and the NZVIF for New Zealand-engaged in a more than year-long process of talks and mutual visits in order to set up the joint investment fund, ultimately forming a consensus on the contents of the agreement and culminating in its signing on Mar. 5. The executive agencies on the two sides will follow up the signing by carrying out further talks to flesh out the agreement, deciding, for example, on the size of the joint investment fund, the scope of its investment, the organizing of a review committee, the approval process for venture investment projects, and standards for investment applicants.

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